The Bossard Group takes another step forward in its drive to further develop European sales markets: With the integration of the Norwegian Torp Fasteners company into the Bossard Group, Bossard boosts its position as a supplier of high-quality fastening solutions in Scandinavia. The Norwegian company generated an annual turnover of about CHF 10 million and has 16 employees. Bossard will acquire a 60% share, while 40%t will remain with the previous owners and with the management. The parties have agreed to keep the acquisition price confidential.
For years, the Bossard Group has made substantial investments to develop new markets. In 2013, for instance, the group opened a subsidiary in Australia; in the current year, business activities were launched in Canada. On November 21, 2014, Bossard was able to announce the signing of the contract on the acquisition of the US-American supplier, Aero-Space Southwest Inc.; this transaction will further expand the company’s market position in the western part of the USA. The acquisition of the Norwegian company Torp Fasteners fits ideally into this overall strategy and is in line with the strategic focus for the years 2010 - 2015. In this connection, the CEO of the Bossard Group, David Dean, emphasizes. “We are already well-established in Denmark and Sweden. Torp Fasteners will now contribute substantially to an improved market position of the Bossard Group in Scandinavia.”
Torp Fasteners, located in Oslo, has operated as an independent company since 1974. The company has been building a reputation as a supplier of high-quality fastening solutions. The product range of the Norwegian company is in line with the overall orientation of the Bossard Group, which is increasingly focusing on branded and high-quality engineered products. For instance, the Torp Fasteners product range includes complex fastening technology made of plastic.
At the same time, their product line includes innovative riveting solutions, special fasteners and locking devices for a broad range of purposes. With its proven know-how, the company is able to provide assistance and support to customers already from the early stages of product development.
Continuity in the company’s operations is ensured by leaving a 40% share in the company in the hands of the previous owners and the management, thus emphasizing their continued support for the company. Subject to the customary closing conditions, the acquisition will be effective in January 2015.